HomeMy WebLinkAboutNo. 0813 authorizing reimbursement to the COSB for expenditures made within the Rum Village Industrial Park (state loan)..r% - -w+'
RESOLUTION NO. 813
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION AUTHORIZING REIMBURSEMENT TO THE
CITY OF SOUTH BEND FOR EXPENDITURES MADE WITHIN
THE RUM VILLAGE INDUSTRIAL PARK (STATE LOAN).
WHEREAS, the South Bend Redevelopment Commission (Commission), by
Resolution No. 650 on December 18, 1981, confirmed by Resolution No.
654 on February 19, 1982, declared the Rum Village Industrial Park to
be a blighted area, pursuant to I.C. 36- 7 -14 -1, et seq. (the Act); and
WHEREAS, Resolution No. 650 was amended by Resolution No. 718,
adopted by the Commission on October 12, 1984, and confirmed by
Resolution No. 722, adopted by the Commission on December 21, 1984; and
WHEREAS, Resolution No. 650 was further amended by Resolution No.
783, adopted on September 12, 1986, and confirmed by Resolution No.
786, adopted on October 10, 1986, which expanded the boundaries of the
Rum Village Industrial Park to the following area and established that
the expanded area was blighted pursuant to the Act:
A parcel of land being a part of the City of
South Bend, Portage Township, St. Joseph
County, Indiana and being more particularly
described as follows:
Commencing at a point formed by the
intersection of the east right -of -way line
of Olive Street and the south right -of -way
line of Calvert Street; thence west along
said south right -of -way line of Calvert
Street to west line of the east 1/2 of the
Southwest Quarter (1/4) of Section Fifteen
(15) (Township Thirty -seven (37) North,
Range Two (2) East; thence south to a point
(intersecting with the present city limits)
two hundred (200) feet south of the north
line of Section Twenty -two (22) Township
Thirty -seven (37) North, Range Two (2) East;
thence west (along present City limits) to
the east line of Section Twenty -one (21),
Township Thirty -seven (37) North, Range Two
(2) East; thence north (intersecting with
the present city limits) to the south line
of Section Sixteen (16), Township
Thirty -seven (37) North, Range Two (2) East;
thence (along the present City limits) west
along the south line of said Section Sixteen
(16) to the west line of the Southeast
Quarter (1/4) of said Section Sixteen (16);
thence north (along the present city limits)
along the west line of the Southeast Quarter
(1/4) of said Section Sixteen (16) to the
northeast corner of the Southeast Quarter
(1/4) of the Southwest Quarter (1/4) of said
Section Sixteen (16); thence west (along the
present city limits) to the northwest corner
of the Southeast Quarter (1/4) of the
Southwest Quarter (1/4) of said Section
Sixteen (16); thence north 1800 feet, more
or less, (along the present city limits) to
the north right -of -way line of the abandoned
Michigan Central Railroad; thence west along
the present city limits) along said
right -of -way line to the west line of said
Section Sixteen (16); thence north 975 feet,
more or less, along the west line of said
Section Sixteen (16) to the south line of
Belleville Gardens Second Addition; thence
east 1985 feet, more or less; thence south
30 feet, more or less; thence east 535 feet,
more or less; thence south 100 feet, more or
less, thence east to the west line of the
west one -half (1/2) of Section Fifteen (15),
Township Thirty -seven (37) North, Range Two
(2) East; thence South 800 feet, more or
less, along the west line of said Section
Fifteen (15) to the north right -of -way line
of the Penn Central Railroad (Old
Pennsylvania Railroad; thence east along
said railroad right -of -way to the east
right -of -way line of Olive Street; thence
south along said right -of -way line to the
point of beginning.
and,
WHEREAS, the Commission further amended Resolution No. 650 by
Resolution No. 810, adopted on August 28, 1987, and not yet confirmed;
and
WHEREAS, the Commission has created and designated the Rum Village
Industrial Park Allocation Area (South Bend Allocation Area No. 4)(the
Allocation Area), the boundaries for which are identical with the
boundaries of the Rum Village Industrial Park described in the third
WHEREAS clause above; and
WHEREAS, in Resolution Nos. 650 and 783 the Commission directed that
the proceeds of taxes be distributed to the Department pursuant to the
allocation provisions of the resolutions, particularly paragraph 6(b) of
Resolution No. 650 and paragraphs 5, 6, and 7 of Resolution No. 783, and
be deposited in a special fund designated as South Bend Department of
Redevelopment Allocation Area (South Bend Allocation Area No. 4) Special
Fund (Special Fund), proceeds from which may be used, among other
purposes, "to reimburse the City for expenditures made by it for public
improvements in South Bend Allocation Area No. 4 "; and
WHEREAS, the City of South Bend will enter into an agreement with
the State of Indiana Department of Commerce to borrow funds for local
public improvements connected with the Mastic Corporation expansion in
the Allocation Area; and
WHEREAS, the City of South Bend (City) and the State of Indiana
require certain assurances of intent by the Commission to reimburse the
City for expenditures of these loan proceeds for public improvements
within the Allocation Area; and
WHEREAS, the City will use these loan proceeds for construction of a
public road within the Allocation Area.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission as follows:
1. The Commission finds that the City will enter into an agreement
with the State of Indiana Department of Commerce for expenditure of
certain amounts of loan proceeds for the construction of a public road
in the Allocation Area.
2. The Commission pledges that it will reimburse the City of South
Bend for expenditures it makes for public improvements within the
Allocation Area under the following terms and conditions:
a. It will reimburse the City the amounts necessary for the
City to make certain scheduled repayments (Scheduled Repayments) to
the State of Indiana Department of Commerce for a certain loan
entered into between the City, acting by and through its Board of
Public Works, and the State of Indiana in the principal sum of
$160,000 with interest at the rate of 5% per annum.
b. The Commission's pledge of its payment of reimbursement to
the City for the Scheduled Repayments is limited in each year to
the extent and in the amount that funds are available in the
Special Fund.
c. In the event that funds available in the Special Fund for
reimbursement to the City are less than the Scheduled Repayment for
any year (Deficiency), the Commission pledges to reimburse the City
an amount equal to the available funds, if any.
d. In the event of a Deficiency, any Deficiency shall be
reimbursed in full to the City in the next succeeding year in which
available funds are sufficient to make up any portion of any
Deficiency accruing to date.
3. The Commission pledges that it will not pledge tax proceeds
from the Special Fund under a circumstance where such pledge would have
a greater priority than the pledge contained in this resolution;
provided, however, that in the event the Commission issues tax
incremental revenue bonds which pledge revenue from the Special Fund,
any such bonds would be issued on parity with this pledge, and the
Commission would establish a reserve fund funded at least at a minimum
level of twenty five percent (25 %) of the next Scheduled Repayment.
Adopted at a regular meeting of the South Bend Redevelopment
Commission held on September 25, 1987, at the office of the Commission,
1200 County -City Building, 227 W. Jefferson Blvd., South Bend, Indiana
46601.
ATTEST:
ROMAN PIASECKI, SECRETARY
R3ES
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SOUTH BEND REDEVELOPMENT COMMISSION
F. JAY AIMTZ, RESIDENT